Nike has terminated its contract with former champion cyclist Lance Armstrong as he prepares to step down as chairman of his Livestrong cancer-fighting charity.

Last week the US Anti-Doping Agency (Usada) issued a report detailing allegations of widespread performance-enhancing drug use by Armstrong.

The document included testimony from 11 former teammates. Usada has ordered for 14 years of Armstrong's career results to be erased, including his seven Tour de France titles.

In a statement Nike said: "Due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade, it is with great sadness that we have terminated our contract with him.

"Nike does not condone the use of illegal performance enhancing drugs in any manner.

1/14

Gallery: Lance Armstrong: A Life In Cycling

As Lance Armstrong is banned from cycling and has his seven Tour de France triumphs expunged, these images show key moments in his record-breaking cycling career. Here, he celebrates his first Tour de France stage win, in 1993.

"Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer. "

The announcement came minutes after Armstrong quit as chairman of his Livestrong cancer-fighting charity.

He said: "I have had the great honour of serving as this foundation's chairman for the last five years and its mission and success are my top priorities.

"Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship."

The Lance Armstrong Foundation, commonly known as Livestrong, was founded in 1997 and has raised around $500m (£309m) to support cancer patients.

The group has scheduled its 15th anniversary celebration for this weekend. Armstrong will stay on the charity's board.

The cancer survivor strongly denies doping and says he stopped fighting Usada because its hearing process was unfair.